Kulzer & DiPadova, P.A.

The U.S. Tax Court's recent decisions in Mukhi and Safdieh have held that the IRS cannot assess and collect tax for failure to file Form 5471 in a timely and accurate manner. However, the issue about what taxpayers that have already been assessed or paid this tax should do is complicated. K&D partner, Kristin Schmid, provides guidance on this topic in her recent article. https://ow.ly/1rUu50UTgR0

K&D is pleased to announce that shareholder, Joseph Kenney, has been appointed to the Board of Directors of the Burlington County Regional Chamber of Commerce for 2025. Good luck to Joe and the rest of the Board for a successful year! https://lnkd.in/eGAPM_9A

The Halloween spirit is alive and well again at K&D in 2024!

The Internal Revenue Service has released the updated figures for 2025 for the estate/gift exemption and the annual exclusion for gifts. For 2025, the estate/gift exemption will be $13.99 million, up from $13.61 million in 2024. The annual exclusion for gifts for 2025 will increase to $19,000, up from $18,000 in 2024. Considering the potential expiration of the Tax Cuts & Jobs Act at the end of 2025 and its likely effect on the exemption, it is imperative for high-net-worth individuals to talk to their attorneys to discuss their #estateplanning now.

K&D is proud to announce that our newest associate, Caroline Sutherland, has passed the New Jersey bar exam. Her score on the New Jersey bar exam was actually high enough to allow her to now practice in any state that uses the Uniform Bar Exam. We are all excited at K&D to see where her career progresses from here!

K&D attorneys were proud participants yesterday in the JPMorganChase Corporate Challenge. What an impressive event specifically aimed at being a catalyst between work and wellness!

It turns out that K&D attorneys are not just good at helping clients "escape" their tax problems.

Congratulations goes out to K&D partner, Kristin Schmid, who was recently sworn in as 1st Vice President of the Estate and Financial Planning Council of Southern New Jersey for the 2024-2025 fiscal year. Good luck to Kristin and the EFPCSNJ for another successful year! https://lnkd.in/eJJhQenr

In light of the recent D.C. Circuit Court of Appeal’s decision in Farhy v. Commissioner, it is imperative that taxpayers understand the filing requirements for IRS Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, as well as the disclosure programs available if the taxpayer has failed to file or inaccurately filed this Form. K&D partner, Kristin Schmid, will be speaking on this topic with Franchelly Díaz Colón, CPA from WilkenGuttenPlan at an upcoming Strafford webinar. If you are interested in attending, the registration link is found below. https://lnkd.in/e2qme6di

K&D is excited to welcome the hiring of Elizabeth Cinalli as a paralegal with the firm! Ms. Cinalli comes to K&D with several years of experience as a paralegal and will focus solely on estate planning and administration for the firm.